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Circle Property PLC on Thursday said it has completed the sale of its final remaining asset, 300 Pavilion Drive in Northampton, England to Portman Finance Group Ltd for £2.9 million. Circle Property is a London-based buyer, developer and manager of regional office assets in UK. Its shares were up 13% to 13.00 pence each in London on Thursday afternoon. 300 Pavilion Drive comprises about 43,577 square foot of office accommodation including approximately 12,875 sq ft of refurbished, vacant and available to let office space. It is part let to Grant Thornton UK LLP, ALD Automotive Ltd, NAK Consulting Services Ltd and Online Direct Ltd. It has total rental passing of about £390,000 per year. Circle Property said it has acquired the office space in May 2009 for £3.9 million. As at September 30, 2022, it had a valuation of £5.5 million. The proceeds from the disposal will be held as cash and will be returned to shareholders once adjusted for the company’s termination costs, Circle Property said. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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